Labour will not back a vote on Wednesday to force future governments to keep a budget surplus, shadow chancellor John McDonnell has said.
He told MPs at a party meeting on Monday backing the move would "underline our position as an anti-austerity party" prompting anger among some, the BBC reported. McDonnell had initially backed the Conservative's plans in his speech at the Labour Party conference. But on Monday he said there was a "growing reaction" to the nature and scale of public spending cuts, which had prompted the change of position. Some MPs present reacted angrily and called the move a "shambles". George Osborne's Charter for Budget Responsibility would legally prevent future governments from spending mor...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes